Mexico's president lashed out Friday at Moody's ratings service, after it downgraded the Mexican government's debt outlook to "negative."
Moody's said it had downgraded the government's debt outlook from 'stable" to "negative" because newly approved laws in Mexico could weaken the judiciary branch and checks and balances. It reaffirmed Mexico's Baa2 overall credit rating, but said increased government debt represented a risk for Mexico.
It also mentioned the possibility that the government will have to transfer more money to shore up the highly indebted state-owned oil company, Pemex .
President Claudia Sheinbaum said that ratings agencies often have a "bias of origin" against the economic policies her party adopted under former President Andres Manuel Lopez Obrador, who took office on Dec. 1, 2018.
"Many times these ratings agencies are aimed at issuing evaluations starting from an economic model," Sheinbaum said. "Starting in 2018, the economic model in our country changed. Many times these ratings have this bias of origin."
